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Ranked: The Fastest Growing Economies In 2024

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fastest growing economies 2024

IMF Projections: The Fastest Growing Economies in 2024

Which countries will see the most economic growth in 2024?

To answer this question, we’ve visualized GDP growth forecasts from the IMF’s October 2023 World Economic Outlook. Unsurprisingly, many of these countries are located in Asia and Sub-Saharan Africaโ€”two of the world’s fastest growing regions.

CountryRegionGDP Growth 2024 (%)
๐Ÿ‡ฒ๐Ÿ‡ด Macao SARAsia Pacific27.2
๐Ÿ‡ฌ๐Ÿ‡พ GuyanaAmericas26.6
๐Ÿ‡ต๐Ÿ‡ผ PalauAsia Pacific12.4
๐Ÿ‡ณ๐Ÿ‡ช NigerSub-Saharan Africa11.1
๐Ÿ‡ธ๐Ÿ‡ณ SenegalSub-Saharan Africa8.8
๐Ÿ‡ฑ๐Ÿ‡พ LibyaMiddle East and North Africa7.5
๐Ÿ‡ท๐Ÿ‡ผ RwandaSub-Saharan Africa7.0
๐Ÿ‡จ๐Ÿ‡ฎ Cรดte d'IvoireSub-Saharan Africa6.6
๐Ÿ‡ง๐Ÿ‡ซ Burkina FasoSub-Saharan Africa6.4
๐Ÿ‡ง๐Ÿ‡ฏ BeninSub-Saharan Africa6.3
๐Ÿ‡ฎ๐Ÿ‡ณ IndiaAsia Pacific6.3
๐Ÿ‡ฌ๐Ÿ‡ฒ The GambiaSub-Saharan Africa6.2
๐Ÿ‡ช๐Ÿ‡น EthiopiaSub-Saharan Africa6.2
๐Ÿ‡ฐ๐Ÿ‡ญ CambodiaAsia Pacific6.1
๐Ÿ‡น๐Ÿ‡ฟ TanzaniaSub-Saharan Africa6.1
๐Ÿ‡ง๐Ÿ‡ฉ BangladeshAsia Pacific6.0
๐Ÿ‡ฉ๐Ÿ‡ฏ DjiboutiMiddle East and North Africa6.0
๐Ÿ‡ง๐Ÿ‡ฎ BurundiSub-Saharan Africa6.0
๐Ÿ‡ต๐Ÿ‡ญ PhilippinesAsia Pacific5.9
๐Ÿ‡ป๐Ÿ‡ณ VietnamAsia Pacific5.8
๐ŸŒ World Average--2.9

For India, data and forecasts are presented on a fiscal year basis (starting April). Continue reading below for additional context on these figures.

Highlights: Asia Pacific

The fastest growing economies in Asia are forecasted to be Macao (+27.2%), Palau (+12.4%), and India (+6.3%).

  • The economy of Macao is heavily reliant on tourism, an industry that represents over 60% of the region’s jobs, as well as roughly 70% of its GDP.
  • Palau is a tiny country consisting of 340 islands, representing an overall land area of 180 square miles (466 square kilometers). According to the U.S. State Department, tourism represents approximately 40% of Palau’s GDP.
  • India, which recently became the world’s largest country by population, is expected to reach a peak of 1.7 billion people by 2064.

Highlights: Sub-Saharan Africa

Sub-Saharan Africa accounts for half of the top 20 list, with Niger (+11.1%) and Senegal (+8.8%) leading.

  • A recent military coup could have serious implications on Niger’s future economic growth. The country’s Agadem oil field, which is majority owned by China National Petroleum Corporation (CNPC), could see its exports disrupted as a result of global sanctions.
  • Senegal’s economy is also linked to the oil industry, meaning its growth could fluctuate in the years to come.

Oil Drives Growth for Guyana

Guyana (+26.6%), with a population of only 815,000, is expected to be the second fastest growing economy in 2024. Interestingly, it was the world’s fastest growing economy last year, with a 62% increase in GDP, and is likely to claim that title again in 2023 with expected growth of 37%.

This growth is largely driven by rising oil exports from Stabroek Block, an offshore oil field being developed by an Exxon Mobil-led consortium. According to BBC, Guyana has over 11 billion barrels in oil reserves.

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